Hostplus finalises merger with Maritime Super
Hostplus and Maritime Super have finalised their merger, following a due diligence process that began with the signing of a successor funds transfer deed last December.
The merger aims to scale up the capabilities of both superannuation funds, offering greater efficiencies and enhanced value to members, employers, and stakeholders.
The consolidation has led to a transition of approximately 23,000 Maritime Super accounts, which added $6 billion to Hostplus' funds under management (FUM). Subsequently, Hostplus' FUM has surpassed $100 billion, with its membership now totalling 1.7 million.
The completion of the merger delivers great scale outcomes for Hostplus members, says Hostplus chief executive David Elia.
"The finalisation of Hostplus' merger with Maritime Super is an exciting milestone and represents another step on Hostplus' growth and evolution to becoming a lifetime fund of choice for an increasing number of Australians," Elia says.
Notably, recent APRA data shows that total superannuation assets grew by 7.6% for the year to June 2023, while Hostplus' FUM increased by 16.2% over the same period.
"Hostplus is focused on delivering exceptional retirement outcomes for our members, which are supported by low admin fees and sustained net investment performance over the long-term," Elia says.
"Our continued growth means we can further leverage scale benefits to keep costs low whilst also investing in products and services that support our members journey towards retirement."
Meanwhile, Maritime Super chief executive Peter Robinson says the shared values, member-first ethos, industry fund heritage, made Hostplus an "obvious merger partner." Hostplus has already been managing Maritime Super's investment through its Pooled Superannuation Trust since 2021, following a period of underperformance.
"We are delighted to complete the merger with Hostplus today and know that they will continue our journey to support our members realise their retirement goals with Hostplus. We've upheld a strong focus on service to members and access to comprehensive financial advice which will carry forward with Hostplus," Robinson says.
"For over 50 years, Maritime Super has supported workers and employers in the maritime industry, and we are proud of our track record of delivering financial security for our members. Hostplus' demonstrated commitment to member best financial interests will ensure benefits to our members are continued into the future."
This article first appeared on Financial Standard
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